UPDATE: SolarCity Leveraged to Capitalize on Solar Rooftop Boom, Baird Says
On Thursday, Baird upgraded shares of SolarCity (NASDAQ: SCTY) from Neutral to Outperform and maintained the $75 price target.
Analyst Ben Kallo expects a “boom” over the next several years in the U.S. rooftop market, and SolarCity is the “most levered” to capitalize.
Shares of SolarCity are roughly flat in 2014, after being up as much as 55 percent earlier in the year. Kallo sees the pullback from the February high as “an excellent buying opportunity.”
Kallo expects SolarCity to “announce record bookings in Q1 due to expansion of its sale force.”
Further cost reductions could enable “significant retained value upon ITC expiration,” said Kallo.
The stock is up 0.91 percent to $56.65 in Thursday's trading.
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